AI in Oil and Gas Market Forecast 2024-2032 | Industry Growth, Size, Demand
IMARC Group's report titled "AI in Oil and Gas Market Report by Type (Hardware, Software, Services), Function (Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Reclamation), Application (Upstream, Downstream, Midstream), and Region 2024-2032". The global ai in oil and gas market size reached US$ 2.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.7 Billion by 2032, exhibiting a growth rate (CAGR) of 8.61% during 2024-2032.
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Factors Affecting the Growth of the AI in Oil and Gas Industry:
- Rising Focus on Improving Efficiency:
The increasing focus on improving efficiency is propelling the growth of the market. In line with this, artificial intelligence (AI) is enhancing the oil and gas sector by streamlining operations. It automates routine tasks, such as data analysis and equipment monitoring, reducing human intervention and minimizing errors. This increased efficiency not only saves costs but also enhances resource utilization. Furthermore, AI optimizes drilling operations and reduces time and resource wastage. Apart from this, the rising adoption of AI-driven technologies to enhance decision-making is impelling the market growth.
- Increasing Need for Data Analytics:
The oil and gas industry generates a vast amount of data from sensors, wells, and production sites. Apart from this, AI can process and analyze this data at high speeds. Moreover, AI-driven analytics provide actionable insights into reservoir performance, production optimization, and supply chain management. In addition, companies can make informed decisions, mitigate risks, and discover new opportunities, which is supporting the market growth. Besides this, the increasing adoption of AI in the oil and gas sector for data-driven decision-making is contributing to the market growth.
- Growing Demand for Predictive Maintenance:
The escalating demand for predictive maintenance is offering a positive market outlook. In line with this, AI has predictive maintenance capabilities that assist in preventing various disruptions. Furthermore, AI systems can predict when maintenance is needed, allowing companies to schedule repairs during planned downtime, reducing operational interruptions, and minimizing maintenance costs by continuously monitoring equipment health and performance. In addition, this proactive approach not only ensures equipment longevity but also enhances safety by preventing potential accidents caused by equipment failures.\
Leading Companies Operating in the Global AI in Oil and Gas Industry:
- Accenture plc
- C3.AI Inc.
- Cisco Systems Inc.
- Cloudera Inc.
- Fugenx Technologies
- Huawei Technologies Co. Ltd
- Infosys Limited
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Neudax
- Nvidia Corporation
- Oracle Corporation
- Shell plc.
AI in Oil and Gas Market Report Segmentation:
By Type:
- Hardware
- Software
- Services
Software represents the largest segment as it provides improved flexibility and scalability.
By Function:
- Predictive Maintenance and Machinery Inspection
- Material Movement
- Production Planning
- Field Services
- Quality Control
- Reclamation
Predictive maintenance and machinery inspection holds the biggest market share due to the rising focus on reducing downtime.
By Application:
- Upstream
- Downstream
- Midstream
Upstream accounts for the largest market share on account of the increasing need for identifying drilling locations.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the AI in oil and gas market, which can be attributed to the presence of a well-developed infrastructure for both oil and gas extraction.
Global AI in Oil and Gas Market Trends:
The rising focus on enhanced safety in the oil and gas industry is bolstering the growth of the market. In addition, AI plays a crucial role in improving safety through real-time monitoring and risk assessment. AI-powered systems can detect anomalies and potential hazards, ensuring compliance with safety protocols and regulations. Furthermore, AI can analyze data from sensors and cameras to improve worker safety by identifying unsafe behavior and conditions.
Besides this, AI can analyze market trends and geopolitical factors, helping companies adapt to changing market conditions and make informed decisions about production and pricing.
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